Treasury Seeks Comments on Minority Bank Deposit Program Certification: An Overview of Bureau of the Fiscal Service's Latest Federal Register Notice
On Tuesday, May 19, 2026, the Department of the Treasury's Bureau of the Fiscal Service published a notice in the Federal Register, signaling a key administrative action regarding the Minority Bank Deposit Program (MBDP) Certification Form for Admission. This notice initiates a public comment period, inviting stakeholders to provide feedback on the extension of a currently approved information collection. The action, mandated by the Paperwork Reduction Act of 1995, ensures transparency and efficiency in how federal agencies collect information from the public, particularly for programs designed to foster economic inclusion.
The Minority Bank Deposit Program's Purpose
The Minority Bank Deposit Program is a federal initiative designed to support and strengthen minority-owned financial institutions. The program aims to encourage federal agencies, state and local governments, and private sector organizations to deposit funds into these institutions. Financial institutions seeking to participate in the MBDP must complete the Certification Form for Admission, designated as FS Form 3144. Approval for acceptance into the program grants these institutions special assistance and guidance from various governmental and private entities, ultimately channeling resources and support to communities often served by these banks.
Administrative Review and Public Participation
Under the Paperwork Reduction Act of 1995, federal agencies are required to seek public comment on proposed and continuing information collections. This process allows the public, including affected businesses and other organizations, to scrutinize the necessity and practical utility of federal forms and data collection efforts. For the MBDP Certification Form, the Bureau of the Fiscal Service estimates that 72 respondents are currently affected, with each spending approximately 45 minutes to complete the form. This translates to an estimated total annual burden of 54 hours. The notice emphasizes the Treasury's ongoing commitment to reducing paperwork and respondent burden, a core tenet of the PRA.
Key Areas for Comment
The notice specifically invites comments on five critical areas. These include whether the information collected is necessary for the agency's functions and possesses practical utility, the accuracy of the agency's burden estimates, and potential ways to enhance the quality, utility, and clarity of the information. Furthermore, the Bureau is soliciting suggestions on how to minimize the burden on respondents, including through the use of automated collection techniques or other forms of information technology. Finally, comments are sought on estimates of capital or start-up costs, as well as operational, maintenance, and purchase of services costs associated with providing the required information.
Implications for Financial Institutions and Economic Policy
While this notice represents a routine administrative procedure, its implications for the Minority Bank Deposit Program and the broader landscape of economic inclusion are significant. The continued approval and refinement of the certification process are crucial for the seamless operation of the MBDP. By ensuring that the application form is efficient, clear, and truly necessary, the Treasury Department helps facilitate the entry of eligible minority institutions into the program. This, in turn, allows these institutions to access the
